Consumer Lending

Discover, GMAC to offer MBA loan rate reduction for GMAT test-takers

Education Money Student LoanDiscover and the Graduate Management Admission Council announced on Wednesday that they will offer a 0.25 percent interest-rate reduction on new MBA loans for students who take the Graduate Management Admission Test.

“Discover Student Loans believes in the value of education and that begins by providing students with affordable options to pay for college and graduate school,” Discover Student Loans President Danny Ray said. “Providing a cost-saving benefit for graduate business students is another way we are committed to being a responsible lender.”

To qualify for the rate reduction on a Discover MBA loan, applicants must have submitted their loan application on or after Dec. 16. The applicant must also be approved for a fixed or variable interest rate MBA loan and must have taken the GMAT exam within five years of submitting their loan application. Completion of the test must be verified by GMAC, and the interest-rate reduction is valid for the life of the loan.

“Taking the GMAT exam and pursuing a graduate business or management degree is about connecting talent and aspiration to opportunity,” GMAC President and CEO Sangeet Chowfla said. “Through this reward with Discover Student Loans, GMAC is extending its commitment to the next generation of leaders–and their aspirations–by helping them manage and lower the cost of their education.”